Bay Area Home Prices Peak Again in June

July 23, 2002

La Jolla, CA--The median price paid for a Bay Area home edged up to a new high for the third month in a row as buyers took advantage of low mortgage interest rates.

The median price paid for a Bay Area home was $416,000 last month. That was up 0.7 percent from $413,000 in May, and up 9.2 percent from $381,000 for June a year ago.

"Right now, potential buyers outnumber sellers and the inventory of homes for sale is low. As prices move up, we expect more homes to come on to the market. Current price and sales trends will probably stay stable at these levels at least through this fall," said Mike Ela, DataQuick's president.

A total of 10,056 new and resale houses and condos were sold in the nine-county region last month. That was down 10.5 percent from 11,238 for May, and up 11.6 percent from 9,011 for June a year ago, according to DataQuick Information Systems.

So far this year 56,766 Bay Area homes have been sold, up 27.4 percent from 44,542 for the same six-month period last year. In 2000, the six-month YTD figure was 54,174 and in 1999 it was 57,705.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,181 in June. A year ago it was $2,094.

All Homes	No Sold Jun-01	No Sold Jun-02	Pct. Chg	Median Jun-01	Median Jun-02	Pct. Chg
Alameda	1,932	1,982	2.6%	$386K	$396K	2.6%
Contra Costa	1,872	1,995	6.6%	$305K	$345K	13.1%
Marin	353	366	3.7%	$538K	$611K	13.6%
Napa	166	209	25.9%	$305K	$360K	18.0%
San Francisco	464	592	27.6%	$520K	$567K	9.0%
San Mateo	713	857	20.2%	$508K	$538K	5.9%
Santa Clara	1,849	2,284	23.5%	$444K	$468K	5.4%
Solano	868	887	2.2%	$238K	$267K	12.2%
Sonoma	792	884	11.6%	$313K	$346K	10.5%
Bay Area	9,011	10,056	11.6%	$381K	$416K	9.2%

Source: DataQuick Information Systems, www.DQNews.com

Media Inquiries: John Karevoll (909)867-9534

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